GfK GroupHome appliance industryresearch report

White paper on innovative retail of Chinese household appliances in 2021 From GfK

The following is the White paper on innovative retail of Chinese household appliances in 2021 From GfK recommended by And this article belongs to the classification: GfK Group, Home appliance industry, research report.

In 2020, a sudden epidemic will spread all over the world, and the economies of all countries will be affected to varying degrees. China will take the lead in controlling the epidemic, and the domestic economy will gradually recover. In May 2020, the resumption rate of offline stores of small household appliances, household appliances, mobile phones / communications, computer it, and photographic equipment will reach 100%, but the epidemic will have a serious impact on the operation of offline stores, and the passenger flow will resume This is only 36% of the same period last year. Stores generally face many challenges, such as the decrease of passenger flow, the difficulty of employees returning to work, the shortage of inventory, the limitation of logistics distribution and so on.

In the face of difficulties, 79% of offline stores have taken self-help measures, such as strengthening marketing, expanding new business and controlling costs, to actively respond to the impact of the epidemic.

Looking back at China’s home appliance market in 2020, the Chinese market is the first to walk out of the “dark moment” of the epidemic. According to the year-on-year change trend of China’s home appliance market monthly sales, after the trough in February 2020, the domestic home appliance market shows a V-shaped rapid rebound. In January 2021, the sales increased by 16% compared with last year, showing the resilience of China’s economy and home appliance industry.

Since 2008, China’s home appliance industry has experienced three periods of “energy saving for the new” and “home appliance for the new”. At present, the penetration rate of household appliances is high, and the stock market competition is fierce. In 2020, due to the impact of the epidemic, the retail sales of household appliances market decreased by 10% year on year, reaching 810.2 billion yuan. With the gradual improvement of the domestic epidemic situation and the concentrated release of consumer demand, it is expected that the year-on-year growth of 10% will be achieved in 2021, reaching 892.9 billion yuan.

Affected by the epidemic, consumers pay more attention to health and high-quality life, and demand for small household appliances such as kitchen appliances and health cleaning products increases, which promotes the rapid growth of retail sales of emerging categories such as food processors, dishwashers and steamers.

In the post epidemic era, consumers generally have two consumption attitudes of “cautious” and “enjoyment”, which leads to the increasingly obvious polarization of the consumer market. Among them, the proportion of high-end products has increased significantly, and high-end has become the driving force for the growth of the home appliance market.

During the epidemic period, the whole country joined hands to fight against the epidemic, domestic patriotism was rising, and the support for domestic products was further rising. According to GfK consumer research data, in November 2020, 68.9% of consumers hold the view that they are more inclined to choose local brands, support domestic products and contribute to the country. Among them, first tier cities and “after 00” consumers hold a more positive attitude towards domestic products, and brands no longer become obstacles to the high-end of domestic appliances.

With the rise of generation Z as the main force of market consumption, the traditional concept of consumption is being subverted, and the consumption demand and channels need to be changed in time. The industry needs to know the master of the future market in advance in order to be ready to meet the new opportunities of the home appliance industry.

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